Dow Jones News Today: Banking Stocks Plunge

Shares of JPMorgan Chase & Co. (NYSE: JPM) fell close to 3%, while Keycorp (NYSE: KEY) dropped over 6%. Banking stocks were already under pressure heading into the week after the U.S. Federal Reserve raised interest rates last week by 25 basis points but signaled a less aggressive stance on future rate hikes.

Policy analysts project that the Trump administration and Republicans will not be able to get the repeal bill of the Affordable Health Care Act through Congress. That fleeting expectation has investors worried that the GOP will also fail to engage in tax reform later this year.

Crude oil prices fell to a four-month low as markets largely ignored chatter that OPEC would follow through on the extension of its deal to cap excessive production. Rising U.S. production and inventory levels have largely deflated hopes that OPEC and non-member Russia will continue to slash crude production without seeing better economic results.

But the big story sliding under the radar was reported on March 17 by USA Today.

The world's first marijuana gym will open in the fall of 2017 in San Francisco. The announcement is the latest positive sign for the marijuana industry, showing that recreational use is becoming more widespread and accepted in the United States.

Stock Market News and Top Stocks to Watch Today: March 21, 2017

Shares of Deutsche Bank AG (USA) (NYSE: DB) gained more than 16% Tuesday. The uptick comes after a sharp decline Monday, when the bank announced that it will issue 687.5 million new shares to raise $8.6 billion. The company will sell its stock at a 35% discount.

Shares of Facebook Inc. (Nasdaq: FB) fell more than 1% despite news that the stock received an upgrade from investment firm BTIG. The upgrade to "Buy" is a reversal of its ratings last summer. It comes after JP Morgan Chase & Co. (NYSE: JPM) said that not having a "Buy" rating on Facebook stock in 2017 has been a mistake.

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Why the Facebook Stock Price Will Rise

In earnings news, shares of General Mills Inc. (NYSE: GIS) fell nearly 1% after the consumer goods firm fell short of quarterly revenue expectations. Though the company topped earnings-per-share (EPS) expectations, the firm cited price weakness and an increase in promotional activity. It was the seventh consecutive quarter of falling sales for the firm. General Mills also received a stock downgrade from Bernstein, which lowered expectations for a number of consumer product manufacturers with a reliance on the retail sector.

Shares of Nike Inc. (NYSE: NKE) are in focus as the global athletics retailer reports quarterly earnings after the bell. Wall Street anticipates that Nike will report EPS of $0.52 on top of $8.446 billion in revenue.

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